HSBC and Standard Chartered have secured a major stablecoin issuer license in Hong Kong. This breakthrough means that PayMe’s 3.3 million users could soon use stablecoins for everyday transactions like buying coffee or splitting bills.

For Hong Kong’s 3.3 million PayMe users, everyday transactions such as buying coffee or splitting bills with friends could soon involve stablecoins, with HSBC preparing to introduce the digital currency in the second half of this year. That comes after HSBC Holdings, together with a Standard Chartered-led joint venture, became the first to obtain a stablecoin issuer licence from the Hong Kong Monetary Authority on Friday, marking a breakthrough in the city’s digital finance development. HSBC,...